Cactos raises €12.5 million to expand battery storage across Europe

New investors include Tesi, Hyundai Motor Group, Silence VC and FJ Labs

Cactos Oy, a Finnish energy technology company, has raised €12.5 million to fund European expansion and grow its energy trading business.

New investors: Tesi, Hyundai Motor Group, Silence VC and FJ Labs

Returning investors: Union Square Ventures, Juha Hulkko's JTel Oy and Tero Ojanperä's Rando Ventures Oy.

The company enters this funding round with an order book exceeding €30 million, with battery energy storage systems being installed for customers on a continuous basis.

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Europe's power system is being rewritten and it needs storage

Europe's electricity system is changing fast. Wind and solar produced more power than fossil fuels in the EU for the first time in 2025, and renewables now account for nearly half of all electricity generated. Battery energy storage is keeping pace: the EU installed a record 27 GWh of new battery storage capacity last year, ten times the 2021 figure. But the bloc needs to reach roughly 750 GWh by 2030 to support a grid that can run reliably on renewable energy. Meanwhile, grids are becoming more congested and electricity prices more volatile.

"We are building a new type of energy company for the era of distributed electricity systems. Grids are congested, electricity markets are volatile, and intelligent battery storage combined with software, asset financing and energy trading is becoming critical infrastructure for the modern power grid." – Oskari Jaakkola, CEO, Cactos

Recent progress

Most recently, Cactos signed its largest contract to date: a multimillion-euro mandate to deliver, operate, optimize and trade a 34 MW / 89 MWh battery storage portfolio across five sites in Finland.

Why European energy storage needs a European answer

Energy infrastructure has become a strategic question across Europe. Cactos designs and manufactures its systems in-house, including the battery modules at its factory in Kempele, Finland. The company says this approach avoids reliance on third-country supply chains or remote-access risks that have drawn scrutiny elsewhere in the sector.

 "Cactos represents a new generation of Nordic energy technology companies, combining strong technical capabilities with an innovative, vertically integrated business model. The company is well positioned to benefit from the growing need for flexibility and resilience in European electricity systems." - Heli Kerminen, Director, in Venture and Growth Investments team, Tesi

"The transition toward decentralized, software-defined energy systems creates a significant opportunity for companies that can integrate hardware, software and market operations effectively." - Brad Burnham, Partner, Union Square Ventures

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About Cactos

• Founded in 2021 in Finland, Cactos manufactures and operates intelligent energy storage systems.
• The company's name is inspired by a cactus, which adapts to its environment and excels at storing water and nutrients. 
• Revenue: €17 million
• Employees: 100+
• Has delivered energy storage solutions to over 400 sites across Finland, Sweden, the Netherlands, and Ukraine, with installed capacity exceeding 100 MWh.
• Cactos systems manage peak consumption, secure critical power supply, and participate in electricity markets automatically.
• Cactos also operates as an energy company, selling electricity directly to its customers.
• Competitiveness is based on a full value chain approach. The Cactos Spine cloud service, developed in-house, maximises the value of energy storage for customers. Systems and key components are manufactured at the company's production facility in Kempele, Finland.
• Cactos finances the majority of its energy storage systems.

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